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General Electric Capital in deal

Monday, July 30, 2001 | 10:53 a.m.

STAMFORD, Conn. -- General Electric Capital Corp. is buying the commercial finance company Heller Financial Inc. for $5.3 billion in cash.

The deal announced today would expand GE Capital's involvement equipment leasing and real estate finance, which along with commercial finance are Heller's primary businesses.

Dennis J. Nayden, chairman and CEO of Stamford-based GE Capital, said the companies are "really a perfect fit" in terms of shared core businesses, cultural attributes and management practices.

GE Capital, a diversified financial services company and subsidiary of General Electric Co., has assets of more than $370 billion with customers in 47 countries.

Heller Financial has nearly $20 billion in assets with clients in the U.S., Europe, Asia and Latin America.

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